A SAFE analysis shows that there were 1,480 terrorism incidents against oil and gas facilities worldwide between 2011 and 2016, a 387 percent increase from twenty years ago.
Here are four charts that illustrate the links between petrostate activities, U.S. foreign policy interests, and oil supply security.
It’s clear that nothing is off-limits now and Tidal Wave II has gone into overdrive under President Trump.
As of June, Nigeria had lost 500,000 to 600,000 barrels per day of oil production, vaporizing about $30 million of daily revenues for the country. The Nigerian government had already seen its oil revenues cut in half by the collapse of oil prices, but the loss of a substantial portion of its production has pushed the country into a state of crisis.
With international events happening at a quick pace and relationships with allies and enemies in flux, the next president will have a long list of foreign policy challenges, with major oil-producing countries as top concerns.
Between terrorism attacks on soft targets around the world, the struggle against ISIS, Syria’s civil war, and broader instability throughout the Middle East, the situation today is, in many ways, worse than post-9/11.
In an expanded effort to deprive ISIS of oil revenues, Operation Tidal Wave II is aggressively targeting nearly every part of the group's oil supply chain.
For global oil markets, violent attacks by Islamic extremists prompt questions about vulnerability of economic growth, fluctuating geopolitical dynamics, and the future of supply in unstable regions.